Bengaluru (Karnataka) [India], November 24 (ANI): Bharat Earth Movers Employees' Association said it will go on a one-day strike in Bengaluru on November 26 against proposed disinvestment of 28 per cent stake in Bharat Earth Movers Limited (BEML).
"The Central Government Decision of selling 28 per cent of Government stake to MNCs through consortium route various companies may buy the shares which are very less amount approximately Rs 700 crore to 800 crore, but the buyers will not have interest for expansion or uplift our BEML," a press release stated on Tuesday.
The Bharat Earth Movers Employees' Associations represents the entire employees at the respective production units of BEML in Bangalore, Kolar Gold Fields, Mysore in Karnataka and Palakkad in Kerala and headquarters and marketing division in Bengaluru and also Regional offices and service division spread all over the country, Bharat Earth Movers Employees' Association said in a release.
According to BEMEA, the strategic partner will divide the company part by part and sell individual divisions and land to earn illogically higher amount even after selling stakes in BEML the Government of India may not able to get by selling BEML as a whole.
Further, PSU has been constituted for social welfare, Generation of Employment, Strategic purpose like, to support defence forces, mining and construction work, Railways even in aerospace by supplying our Trucks, Dumpers, Coaches to Indian Government, BEML is the only company manufacturing metro coaches in India, reducing the per car cost to Rs. 9 crore from Rs. 15 crore, thereby bringing about saving to the tune of Rs.6 crore to control Metro prices in India with state of art work under Make in India and Aatmanirbhar programme of government, Employees' Association added.
"More than 50 pre cent of the total assets including land parcels have been marked as surplus with huge market value and will be sold separately. Attention is drawn towards VSNL land parcels which have not been sold even after 15 years of disinvestment," the association said.
BEMEA is having prime land parcels at Bangalore, Mysore and other places where estimated value is much higher the share price of the Company. The government may not able to get the full value of the company by selling as a whole company, said BEMEA. (ANI)